Top 4 Mistakes People Make When Gambling in the U.S.
How to Get your US gambling refund.
One of the United States' most lucrative markets is their gambling and entertainment facilities. Every year millions of visitors journey to the land of the stars in hopes of striking it rich at a casino. However, what many people are not aware of when they cross the border is the mandatory thirty-percent tax that is withheld on all gambling winnings. What's more, many visitors aren't aware that they can take steps once they enter the U.S. to make sure that they get their money back after it's deducted. Don't get caught making these crucial mistakes – it could mean the chance of reuniting yourself with your prized winning.
1. Ignorance isn't always bliss – Before you decide to cross into the land of the red, white and blue, it's best to familiarize yourself with their laws; particularly those that affect you. Currently, the Internal Revenue Service (IRS) requires by law that all gambling establishments must withhold the 30% withholding tax on your earnings. While this is a good bit of knowledge to know; you should also be aware of your eligibility to recoup these losses, and how to do so easily. If you are a Canadian citizen, the Canadian Government has passed the U.S. Canada Treaty Tax which, if done through a proper professional refund management company, helps to maximize your refund.
2. Taking the slow approach – After you've familiarized yourself with the laws and what to expect at the casino, it's vital that when you decide to file your claim you do so in with the proper company. They can easily shave off weeks from your claim being processed, while also maximizing the amount you receive. There are also other ways to help get your money to you quicker. As a Canadian, the amount you receive from your withholding tax is dependent on the total amount of that you lost while gambling in the United States. This does not only refer to the one trip where you hit it big, but refers to your total losses during the calendar year. This is why it's best to keep a journal of your winnings and losses. The information you should record are:
- The name and address of the Casino or facility
- The amount you won or lost at the facility
- The time, date and which game you were playing when you lost/won.
- Statements from the Casino, and any applicable documentation that could prove your losses or winnings
3. Not picking up a your form from the Casino – When the Casino pays you out for your winnings and deducts your 30% withholding tax, they will also give you an IRS Form (1042-S) that clearly shows the amount you have won at their casino and how much tax they deducted. Keep this as it is important to filing your claim.
4. Accepting your 30% loss on your winning – All is not lost! Even if you lose the IRS form, we can still get it back for you, along with your 30% refund! You can claim the casino tax that was withheld from you at the time for up to three calendar years. Let us help you get your rightful money back. Call U.S. Tax Recovery for your US Gambling Refund.
U.S. Tax Recovery is recognized by the IRS as an Acceptance agent. They're specialty is assisting Canadians and Non US Residents in recovering there US Gambling Refunds.
If you gambled in the US and are a resident of another country, you may be entitled to getting a US Gambling Refund for the taxes you paid.
Contact U.S. Tax Recovery for more information on how to get a US gambling tax refund
at 1-866-TAXES-US (1-866-829-3787).
